The German retail business climate indicator compiled by the ifo Institute fell sharply in July in an indication that "retailers are significantly more guarded about their current business situation," the Munich-based institute reported on Monday.
Expectations for the coming months have deteriorated as well. "That makes a significant upturn in retail business in the second half of the year less likely," ifo's Patrick Höppner said.
The July indicator fell to -25.4 points, down from -19.5 in June.
For the second quarter of 2024, 54.1% of retailers reported insufficient demand, while 46.2% had to contend with less foot traffic. The shortage of skilled workers was felt by 32.1%.
"There is a lack of skilled workers, even though retailers are currently planning to cut their overall staffing needs," Höppner said.
In addition, 6.1% of retailers reported financing difficulties.
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